Terra Price Analysis: LUNA Buyers Sabotage Bearish Pattern With Eyes on $100
The Terra (LUNA) price finds a surge in buying pressure, resulting in an upside breakout of the falling wedge pattern in the 4-hour chart. Moreover, the morning star pattern increases the chances of a sustained uptrend reaching the psychological barrier of $100. Will buyers finally surpass the psychological barrier?
Key points:
- The LUNA price gives a falling wedge breakout.
- The LUNA buyers approach the $100 mark.
- The intraday trading volume in the LUNA is $2.47 Billion, indicating a 114.6% rise.
Source- Tradingview
The Terra(LUNA) price shows a remarkable recovery rally triggered after a 35% downfall within a fortnight. The recovery starting on 18th April near the $75 mark surpasses the 200-period EMA of the 4-hour chart to approach the $100 mark.
However, the rally fails to surpass the psychological level, resulting in a falling wedge fashion retracement. The bearish pattern accounts for a downfall of 10% within three days to test the $88 level.
Today’s bullish reversal puts buyers back in the driving seat resulting in an upside breakout as the prices surpass the resistance. the coin price currently traders at $94.15 mark, with an intraday gain of 4.10%
As the uptrend continues, the buyers can find the market price reaches the psychological barrier of $100. However, a retracement is expected to retest the bullish breakout.
A successful breakout from the $100 resistance would drive the LUNA price to the All-Time High resistance of the $120 mark.
- Resistance levels: $100 and $120
- Support levels: $90 and $81.6
Technical indicator
RSI Indicator: The 4-hour RSI slope shows a bullish spark surpassing the 14-period average to enter the nearly overbought territory. Hence, the indicator reflects a surge in the underlying bullishness.
EMA: The flattish 200 EMA accentuates a sideways rally. However, the decreasing bearish spread between the 50 and 200-period EMA increases the chances of a golden crossover in the 4-hour chart.
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